MEMPHASYS LIMITED. — Capital/Financing Update 2011

Jan 17, 2011

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FOR IMMEDIATE RELEASE

NuSep Share Purchase Plan Oversubscribed Raising $1m

Sydney, Australia 18[th] January 2011 - NuSep (ASX: NSP) wishes to advise the market that the company raised $1m under the SPP which was oversubscribed.

As part of this SPP NuSep agreed to offer all successful SPP applications a listed 35¢ share option (ASX: NSPO) on a 1:3 basis for each share that they take up under the SPP. The issue of these share options is subject to the following conditions:

1. That shareholders approve the resolution to issue these share options at the General Meeting to be held on Monday 28 February 2011, and

2. That successful SPP applicants do not sell any of their shares prior to 28 February 2011.

A prospectus relating to these share options will be forwarded to shareholders in due course.

As per the terms of the SPP, due to the oversubscription, certain applications were rejected and refund cheques will be posted out this week. The funds raised from the share placement will be used to fund NuSep’s commitment to SingaPharm and for working capital.

ENDS For more information please contact:

Contact: Prakash Patel Company Secretary +61 2 8415 7300 prakash.patel@nusep.com

Released through : Fergus Ross, Six Degrees Investor Communication: +61 420 980 448

About NuSep

NuSep (ASX: NSP) is a publicly listed life sciences company that sells products into the global BioSeparations market. NuSep recently acquired BioInquire which developed the ProteoIQ software enabling NuSep to offer a total Proteomics solution from Fraction to Function . The company has offices in both Sydney Australia and Atlanta, USA.

With a 30 year heritage in biological separations, NuSep has forged a world class reputation for its innovative yet simple biological separation techniques including the world’s first IVF sperm separation device. In short NuSep has redefined the BioSeparations market through innovation and simplification.

NuSep’s world renowned research team has developed an extensive portfolio of patented products. In all, NuSep currently manufactures, distributes and sells 55 products to customers in the USA, Europe, Asia and Australia.

Postal Address P.O. Box 823 Lane Cove NSW 1595

Contact Details Email info@nusep.com Telephone +61 2 8415 7300 Web www.nusep.com Facsimile +61 2 8415 7399 ABN 33 120 047 556

NuSep Holdings Ltd 324 Burns Bay Rd Lane Cove NSW 2066

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NuSep Products:

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• Gels – NuSep manufactures and sells precast gels including the innovative ɳUView Gels, which can be visualised 2 minutes after use.

• Separation Instruments – NuSep has developed two unique biological separation instruments. The ProteomeSep was released in 2009 and can separate biological samples into 8 fractions for use in the proteomic market. The SpermSep separates sperm for fertility treatments such as IVF and is expected to undergoing clinical trials later this year.

• Proteomics Software – NuSep offers the unique ProteoIQ software for the analysis of complex mass spec samples. This software is also designed to identify bio markers.

• Biological Products – NuSep supplies research grade biological products manufactured using its unique separation technologies. These products include human IgG and Albumin.

For more information about NuSep please visit the company’s website www.NuSep.com

About SingaPharm

SingaPharm is a Singapore based biotech company that has developed a disposable procedure for the processing of plasma proteins. SingaPharm is currently a wholly owned subsidiary of NuSep Holdings Limited (ASX: NSP). SingaPharm’s process is based on the Pr eparative I solation by M embrane E lectrophoresis (PrIME) technology developed by NuSep. PrIME provides disposable modular processing that is ‘electronically’ driven membrane fractionation.

This process is flexible and modular compared with the large scale inflexible processing facilities of existing fractionators in US and Europe. The process has increased product yield relative to the existing process with increased product safety. The flexible nature of the PrIME technology also provides SingaPharm with access to plasma volumes that previously did not meet the criteria for larger scale processing facilities. Further, SingaPharm’s process can produce multiple plasma products in hours compared to days, which is required by the current manufacturers.